Spiro Secures $50 Million to Expand Battery-Swapping Network in Africa

Spiro, Africa’s largest electric mobility operator, has secured $50 million in debt financing from a consortium including the African Export-Import Bank (Afreximbank), U.S.-based climate fintech Nithio, and the Africa Go Green Fund. This funding aims to expand Spiro's battery-swapping network across existing and new markets, enhancing its electric vehicle operations. The announcement follows a significant $100 million investment in October 2025, which was the largest electric mobility financing in Africa at that time.

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Spiro operates in several African countries, including Kenya, Uganda, Rwanda, Nigeria, Benin, and Togo, with pilot projects underway in Cameroon and Tanzania. The company has deployed over 80,000 electric motorcycles, established more than 2,500 battery-swapping stations, and completed over 30 million battery swaps, facilitating more than one billion kilometers of carbon-free travel. This rapid growth reflects the increasing adoption of electric mobility solutions in the region.

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The newly acquired funds will be utilized to enhance Spiro's technology platform, focusing on automated battery swaps, fast charging solutions, and renewable energy integration. Spiro’s leadership emphasizes the importance of building a robust energy network tailored for Africa, aiming to provide reliable and affordable clean transportation options. CEO Kaushik Burman stated, “Demand for Spiro’s innovative, industry-leading battery swapping infrastructure continues to grow and is reshaping mobility in Africa.”

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The funding round highlights a broader trend of increasing institutional confidence in Africa's clean transport sector. Recent investments in other e-mobility firms, such as Arc Ride and Gogo Electric, further indicate a growing belief in the viability of electric mobility as a sustainable and economically beneficial solution. Raghav Sachdeva, Chief Investment Officer at Nithio, noted that Spiro is a critical player in Africa’s clean energy transition, demonstrating that electric mobility can scale rapidly while delivering real economic value.

Spiro Secures $50 Million To Expand Africa’s Electric Mobility Network

Despite the positive outlook, challenges remain in the electric mobility sector. Critics point to the need for more comprehensive infrastructure and support systems to ensure the long-term sustainability of electric mobility initiatives. Additionally, the reliance on battery-swapping models raises questions about the environmental impact of battery production and disposal.

Spiro secures $50 million to expand Africa battery-swapping network

Afreximbank's Managing Director, Oluranti Doherty, emphasized that financing electric mobility is central to promoting sustainable economic development across Africa. The funding will not only support Spiro’s expansion but also contribute to the development of green industrial value chains. As Spiro continues to grow, it aims to further its impact on local economies while advancing the United Nations Sustainable Development Goals related to clean energy and sustainable cities.

Spiro Secures $50 Million To Expand Africa’s Electric Mobility Network

• “With strong financial backing and cutting-edge technology, Spiro is leading Africa’s transition to sustainable mobility. This new funding reinforces our vision of building a robust, scalable energy network tailored for Africa by Africans.” — Kaushik Burman, CEO of Spiro

Spiro raises $50 million in debt funding • EVreporter

• “Driving Africa’s transition to electric mobility is central to how we view sustainable economic development across the continent,” — Oluranti Doherty, Managing Director, Afreximbank

Spiro secures $50 million to expand Africa battery-swapping network

• “Spiro has built a strong platform that is delivering tangible impact across multiple African markets; we are pleased to support the next phase of its growth as it scales critical clean mobility infrastructure,’’ said Laurène Aigrain, Managing Director of Africa Go Green Fund.” — Laurène Aigrain, Managing Director, Africa Go Green Fund

Spiro Secures US$50mn to Expand Battery-Swapping Network

As Spiro moves forward with its expansion plans, it is positioned to play a pivotal role in transforming urban mobility across Africa, offering cleaner, more efficient transportation solutions.

Spiro Secures $50 Million To Expand Africa’s Electric Mobility Network